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  • UAE Flag
    FIRST LOOK NOTES
    17 Feb 2025
    Abu Dhabi National Insurance C...
    BUY
    AED 6.60
    AED 8.78
    +33.03%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 4Q24 - First Look Note

    The Company witnessed a record GWP of AED 7.5 Bn in 2024, up 50.4% compared to 2023. ADNIC’s insurance service result grew 47.5% YOY to AED 140 Mn in 4Q24 due to strong underwriting performance. The Company’s board of directors recommended distributing a cash dividend of AED 0.45 per share for 2024 amounting to AED 256.5 Mn with a strong dividend yield of 6.8%.
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  • UAE Flag
    FIRST LOOK NOTES
    29 Nov 2024
    Abu Dhabi National Insurance C...
    BUY
    AED 6.07
    AED 8.78
    +44.65%

    UAE Equity Research - Abu Dhabi National Insurance Co (ADNIC) 3Q24 - First Look Note

    Gross Written Premium (GWP) rose 56% YOY to record high level at 6.1 Bn in 3Q24. Expense ratio declined 120 bps YOY to 20.0% in 3Q24 while net claims ratio increased from 66.3% in 3Q23 to 73.2% in 3Q24. Combined ratio rose from 87.5% in 3Q23 to 93.2% in 3Q24 due to higher net claims ratio over expenses ratio.
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  • UAE Flag
    FIRST LOOK NOTES
    12 Oct 2024
    Abu Dhabi National Insurance C...
    BUY
    AED 6.00
    AED 8.78
    +46.33%

    Cost control measures benefitted profitability

    Completed acquisition of 51% stake in Allianz Saudi Fransi Cooperative Insurance Company (ASF) on 17 April 2024 for AED 489 Mn. The amount is paid using internal accruals.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Feb 2024
    Abu Dhabi National Insurance C...
    BUY
    AED 5.95
    AED 8.78
    +47.56%

    Strong underwriting performance drove the bottom-line

    ADNIC’s expense ratio rose 110 bps to 21.0% in 2023 driven by investments in technology and digital infrastructure. ADNIC’s net claims ratio increased 160 bps to 67.1% in 2023. ADNIC’s combined ratio grew 260 bps to 88.0% in 2023.
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  • UAE Flag
    FIRST LOOK NOTES
    05 Dec 2023
    Abu Dhabi National Insurance C...
    BUY
    AED 6.04
    AED 8.78
    +45.36%

    Solid underwriting performance and robust growth in investment income drove the bottom line

    ADNIC’s expense ratio rose 160 bps YOY and 340 bps QOQ to 21.6% in 3Q23 driven by investments in technology and digital infrastructure.
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  • UAE Flag
    FIRST LOOK NOTES
    28 Sep 2023
    Abu Dhabi National Insurance C...
    BUY
    AED 6.10
    AED 9.00
    +47.54%

    Solid underwriting performance and robust growth in investment income drove the bottom line

    ADNIC’s expense ratio declined 160 bps YOY and 310 bps QOQ to 18.2% in 2Q23 driven by a well-maintained cost base
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  • UAE Flag
    FIRST LOOK NOTES
    15 Mar 2023
    Abu Dhabi National Insurance C...
    BUY
    AED 6.09
    AED 9.00
    +47.78%

    Rise in investment income and decline in reserve boosted profitability

    Abu Dhabi National Insurance Co PJSC (ADNIC/the Company) net profit rose 58.0% YOY to AED 110 Mn in 4Q22, higher than our estimate of AED 82 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    11 Nov 2022
    Abu Dhabi National Insurance C...
    BUY
    AED 5.90
    AED 9.00
    +52.54%

    Market volatility and hike in opex pressurized profitability

    Abu Dhabi National Insurance Co PJSC (ADNIC/the Company) net profit declined 5.1% YOY to AED 81 Mn in 3Q22, lower than our estimate of AED 93 Mn.
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  • UAE Flag
    FIRST LOOK NOTES
    17 Aug 2022
    Abu Dhabi National Insurance C...
    BUY
    AED 6.14
    AED 9.00
    +46.58%

    Lower investment income and loss on receivables impacted profitability

    Abu Dhabi National Insurance Co (ADNIC/the Company) net profit declined 11.1% YOY to AED 102 Mn in 2Q22, higher than our estimate of AED 94 Mn.
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